According to the Harvard University‘s Center for International Development growth projections, India will feature on top of the list of the fastest growing economies until 2025 with an average annual growth of 7.7 per cent. The university-wide center works to advance the understanding of development challenges and offer viable solutions to problems of global poverty.
Key Highlights of the study:
- “The economic pole of global growth has moved over the past few years from China to neighboring India, where it is likely to stay over the coming decade.”
- “The countries that are expected to be the fastest growing – India, Turkey, Indonesia, Uganda, and Bulgaria – are diverse in all political, institutional, geographic and demographic dimensions.”
- “India, Indonesia and Vietnam have accumulated new capabilities that allow for more diverse and more complex production that predicts faster growth in the coming years.”
- “What they [the countries mentioned in the previous bullet] share is a focus on expanding the capabilities of their workforce that leaves them well positioned to diversify into new products and products of increasingly greater complexity.”
- “India has made inroads in diversifying its export base to include more complex sectors, such as chemicals, vehicles, and certain electronics.”
NDTV says, that the growth projections are based on measures of each country’s economic complexity, which captures the diversity and sophistication of the productive capabilities embedded in its exports and the ease with which it could further diversify by expanding those capabilities.